S T A T E   O F   N E W   Y O R K
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                                  8329--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 14, 2019
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on  Governmental  Employees -- recommitted to the Committee on Govern-
   mental Employees in accordance with Assembly Rule 3, sec. 2 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted to said committee

 AN  ACT  to  authorize Stephen Watkins to elect to be covered by section
   384-d of the retirement and social security law
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 Stephen  Watkins,  a  member  of the New York state and local police and
 fire retirement system, who was employed as a police  officer  with  the
 town of Manlius, from August 5, 2005 through September 12, 2016, and who
 is  currently  employed  as  a police officer with the town of Camillus,
 since September 12, 2016, and who, through no fault of  his  own,  twice
 failed  to file a timely application to participate in the special twen-
 ty-year retirement plan contained in section 384-d of the retirement and
 social security law resulting in the crediting of his service  with  the
 town  of Manlius and the town of Camillus in the general retirement plan
 contained in section 375-c of such law, shall be given  full  credit  in
 the special twenty-year retirement plan for such additional service upon
 the  election  of  the town of Camillus to assume the additional cost of
 such service. The town of Camillus may so elect by filing with the state
 comptroller, within 180 days of the effective date of this act, a resol-
 ution of its local legislative body  together  with  certification  that
 such  police  officer  did  not  bar  himself from participation in such
 retirement plan as a result of his own  negligence.    Thereafter,  such
 police  officer  may  elect  to  be covered by the provisions of section
 384-d of the retirement and social security law, and shall  be  entitled
 to  the  full  rights  and  benefits associated with coverage under such
 section, by filing a request to that effect with the  state  comptroller
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11918-06-9

 A. 8329--A                          2
 
 within  one  year  of  the  effective date of this act.   If the town of
 Camillus elects to file such resolution, such police  officer  shall  be
 given  full  credit  for  his  time as a police officer with the town of
 Manlius and the town of Camillus.
   §  2. All employer past service costs associated with implementing the
 provisions of this act shall be borne by the town of Camillus and may be
 amortized over a ten year period.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill will allow the Town of  Camillus  to  elect  to  reopen  the
 provisions  of  Section  384-d of the Retirement and Social Security Law
 for police officer Stephen Watkins. If the Town of Camillus  so  elects,
 Officer  Watkins will be given full credit under the special twenty year
 plan for service rendered as a police officer  with  both  the  Town  of
 Camillus and the Town of Manlius.
   If this bill is enacted during the 2020 legislative session, and Offi-
 cer  Watkins  becomes  covered under the provisions of Section 384-d, we
 anticipate that there will be an increase of approximately $7,300 in the
 annual contributions of the Town of Camillus for the fiscal year  ending
 March 31, 2021. In future years, this cost will vary as the billing rate
 and salary of Officer Watkins change.
   In addition to the annual contributions discussed above, there will be
 an  immediate  past  service cost of $128,000 which will be borne by the
 Town of Camillus as a one-time payment. This estimate is  based  on  the
 assumption that payment will be made on February 1, 2021. If the Town of
 Camillus  elects  to  amortize this cost over a 10-year period, the cost
 for the first year would be $16,900.
   Summary of relevant resources:
   The membership data used in  measuring  the  impact  of  the  proposed
 change  was  the same as that used in the March 31, 2019 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2019
 Report  of  the  Actuary  and  the  2019  Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in the  2015,
 2016, 2017, 2018, and 2019 Annual Report to the Comptroller on Actuarial
 Assumptions,  and  the  Codes, Rules and Regulations of the State of New
 York: Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2019
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgement of an attorney.
   This  estimate,  dated  December  20,  2019, and intended for use only
 during the  2020  Legislative  Session,  is  Fiscal  Note  No.  2020-18,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.